Hyundai Heavy Industries eyes IPO this year to raise $1 bn for green migration
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Under the scheme, the builder will issue IPOs worth 1 trillion won tantamount to 20 percent stake, without having its parent lose any of its shares. As result, its market worth will instantly balloon to 5 trillion won.
The new capital will fuel the company’s plans to develop eco-friendly and smart vessels to meet the needs in the low-carbon era and to advance dual fuel engine-propelled ships. It will explore green fueling through hydrogen and battery cells through M&As and technology investment.
The investment, which comes amid signs of recovery in the shipbuilding and shipping markets, reflects the robust growth potential of eco-friendly shipbuilding.
According to market tracker Clarkson Research, global shipbuilding orders this year will grow 21 percent on-year to 23.8 million compensated gross tonnage (CGT). Annual shipbuilding orders are expected to reach 35.1 million CGT on average between 2022 and 2025.
Shares of Korea Shipbuilding & Offshore Engineering closed down 3.3 percent at 102,500 won on Wednesday.
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